Why are tenants not being given the option to buy one of the new homes under the shared ownership option?

Why are tenants not being given the option to buy one of the new homes under the shared ownership option?

Answer

Posted by Felix Shaw5sc on June 07, 2017

The objective of the estate regeneration programme is to build more and better homes. Opening this option up to all tenants would, as with Right To Buy, potentially reduce the number of affordable homes the council has to house its tenants over the longer term. The council also needs to consider how this would affect the viability of any estate regeneration project.

The council will keep this under review and consider the matter in more detail on an estate-by-estate basis, if there is a demand from tenants for such an option. It would require a lump sum payment of a minimum of 25% of the value of the new property and the tenant would need to pay rent on the share of the home retained by Homes for Lambeth as well as service charges.

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Faced with a lack of money for refurbishment and a serious shortage of genuinely affordable homes, the Lambeth Council is taking a lead in bold, but necessary, decisions like estate regeneration to build better homes for our existing tenants and more homes for the wider community - find our more.